Presidency dissolves NNPC board

nnpc

President Muhammadu Buhari on Friday dissolved the board of the Nigerian National Petroleum Corporation (NNPC).

This is contained in a statement issued by Alhaji Haruna Imrana, the Director of Communications, Office of Head of Civil Service of the Federation, on behalf of the HoS, Mr. Danladi Kifasi.

“The directive to that effect was conveyed in a letter signed today (Friday), June 26, 2015 by the Head of the Civil Service of the Federation, Danladi Kifasi.

“In the statement, the President thanked members of the dissolved board for their services to the nation,” the statement made available to newsmen in Abuja, read in part.

The Renaissance reports that the NNPC is the state-run oil company, which regulates the nation’s oil and gas industry.

It’s board is statutorily headed by the minister of petroleum resources.

The corporation regulates the oil and gas sector, and also operates as a joint venture partner representing the government in deals with oil multinationals.

The NNPC Group has in recent years been accused of large scale corruption, the latest being the allegation of missing $20 billion oil money.

The Emir of Kano, who is also immediate past Central Bank of Nigeria (CBN) governor, made the allegation which is yet to be proved otherwise.

An independent audit ordered by the Nigerian government in 2014 concluded that the corporation has an outstanding $1.48 billion to pay to the government.

The NNPC has yet to make the payment several months after the release of the audit report.

The NNPC is the state-run oil company which oversees Nigeria’s oil and gas industry. It’s board is statutorily headed by the minister of petroleum resources.

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The corporation regulates the oil and gas sector, and also operates as a joint venture partner representing the government in deals with oil multinationals.

The NNPC has in recent years been accused of large scale corruption, the latest being the alleged disappearance of $20 billion oil money.

An independent audit ordered by the Nigerian government in 2014 concluded that the corporation has an outstanding $1.48 billion to pay to the government.

The NNPC has yet to make the payment several months after the release of the audit report.

The dissolved board was chaired by the former Minister of Petroleum, Mrs Dezieni Alison-Madueke.

Other members were the Permanent Secretary, Federal Ministry of Finance; and Group Managing Director, NNPC, Abdullahi Bukar, Steven Oronsaye, Olusegun Okunnu and Daniel Wadzani.

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